Accounting question and answers for August 13, 2023
- Q Suppose Jim worked 61 hours during this payroll period and is paid $14.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%. Calculate Jim's net...
- Q Minist Corporation sells a single product for $20 per unit. Last year, the company's sales revenue was $225,000 and its net operating income was $38,500. If fixed expenses totaled $74,000...
- Q how are cost behavior, operating leverage, and profitability analysis so important in the manufacturing industry? Give an example of a real company that might use these methods.
- Q Jason's gross pay for the week is $ 1 comma 400. His yearminustominusdate pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation...
- Q Twisted Trails Company produced 2,500 units and had a $29,400 unfavorable direct labor price variance. The company's standard rate of pay is $33.60 per hour and the actual number of...
- Q Baker Company manufactures three products: A, B and C. The selling price, variable costs and contribution margin for one unit of each product follow: The same raw material...
- Q IF I WAS GOING TO BUY A BUSINESS VEHICLE, WHICH TYPE WOULD ALLOW ME THE MOST DEDUCTIONS?
- Q Planning, control and decision making are parts of managements' functions. 1.true 2.false
- Q In its first month of operations, Coronado Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 500 units at $7, and (3) 200...
- Q Question 17 Did Nike pay cash to repurchase any of its common stock shares during the most recent reporting period? a. Yes O b. No
- Q What methods can you use to present a clients performance objectives?
- Q Jell and Dell were partners with capital balances of $600 and $800 and an income sharing ratio of 2:3. They admitted Zell to a 30% interest in the partnership, and...
- Q can you please eplain how you got the numbers in Jan 5, 2021 and Dec 31, 2021 and Jan 4, 2022?
- Q Would an unexpected increase in sales and production result in underapplied or overapplied overhead? Explain.
- Q On January 1, 2020, Combs Corporation sold a tract of land to its 100% owned subsidiary, Tiniton, Inc., for $550,000. The land originally cost Combs $440,000. Tiniton reported net income...
- Q Bramble Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Compute cost of goods sold, assuming...
- Q In 2021, Elaine paid $2,680 of tuition and $620 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return...
- Q Preston, Inc., manufactures wooden shelving units for collecting and sorting mail. The company expects to produce 460 units in July and 740 units in August. Each unit requires 9 feet...
- Q PT ABC acquired two inventory items at a lump sum cost of Rp. 40,000. The purchase includes 3,000 units of CF products and 7,000 units of 3B products. CF usually...
- Q Measures of liquidity, Solvency and Profitability The comparative financial statements of Stargel Inc. are as follows. The market price of Stargel Inc. common stock was $119.70 on December 31, 20Y2....
- Q Instructions. You will complete the exercises below and prepare your answers as a word document/pdf. The completed word document (or pdf) will be uploaded to the course Dropbox...
- Q If the beginning inventory was understated then the total asset will: If the beginning inventory was overstated then the total asset will: If the ending inventory was understated then the...
- Q Details The Console You will need to use Scanner to obtain input from the keyboard. You should declare a class constant of type Scanner named CONSOLE at the...
- Q The contribution margin ratio is 20% for Grain Company and the break-even point in sales is $254,500. To obtain a target net operating income of $69,000, sales would have to...
- Q explain the reasons for FASB 2018-08 accouting standards update?
- Q Armstrong Corporation manufactures bicycle parts. The company currently has a $20,100 inventory of parts that have become obsolete due to changes in design specifications. The parts could be sold for...
- Q pter 8 - Assignment 3 eBook Show Me How Calculator Entries for bad debt expense under the...
- Q There are 3 specific assets (financial resources) normally found in a towns general fund accounting records that are also found in a for-profit companys accounting records. What are they? There...
- Q Comparing ABC and Plantwide Overhead Cost Assignments Wellington Chocolate Company uses activity-based costing (ABC). The controller identified two activities and their budgeted costs: Setting up equipment $462,000 ...
- Q Drake Corporation is reviewing an investment proposal. The initial cost is $103,100. Estimates of the book value of the investment at the end of each year, the net...
- Q Obligaciones de retiro de activos: Aumentar el saldo en la cuenta de activo correspondiente. Se miden a valor razonable en...
- Q Which one of the following issues need not be addressed when planning an audit sample to test control procedures? a. ...
- Q Easter Egg and Poultry Company has $1,090,000 in assets and $653,000 of debt. It reports net income of $193,000. a. What is the firms return on assets? b. What is...
- Q On October 1, 2018 Bartley Corporation issued 5%, 10-year bonds with a face value of $8,000 at 104. Interest is paid on October 1 and April 1, with any premiums...
- Q Please answer all parts Financial statement impact of a lease On January 1, 2017, Kiger Manufacturing company leased a factory machine...
- Q I need help with this. Explain how an auditor can or why an auditor cannot obtain zero audit risk
- Q Ann is 17 years old and is claimed as a dependent by her parents. She earned $2,500 in wages and $2,000 in interest income during 2022. What is Anns basic...
- Q help me please
- Q he supplies account had a beginning balance of $4,010 and was debited for $1,680 for supplies purchased during the year. Journalize the adjusting entry required at the end of the...
- Q Inflation is expected to be 4% in the coming year. If Mr. Gonza earned $37,000 this year, how much must he earn in the following year...
- Q Saktanmokobaybeh Company uses standard costing for direct materials and direct labor. The following monthly cost functions were developed for manufacturing overhead items: Budgeted Overhead Item Cost Function:...
- Q The following credit sales are budgeted by Roswell Company: $30,000 in January,$50,000 in February and $70,000 in March. The company's past experience indicates that 70% of the credit sales are...
- Q On January 1, 2015, Thun Manufacturing leased a piece of machinery for use in its North American operations from Klerk Bank. i (Click the icon to view the...
- Q XYZ Inc is going through a reorganization and will do an exchange of its bonds after discussions with lenders. It currently has $630,402 of 12.65% first-mortgage bonds outstanding. These bonds...
- Q odrick Company is a merchandiser that reported the following information based on 1,000 units sold: Required: 1. Prepare a contribution...
- Q What are the current trends in logistics and distribution when it comes to DHL
- Q clickstream data can reveal number of page-views and pattern of websites visited ?true false
- Q The articles of incorporation of Wildhorse Airlines Co. authorized 5 million common shares. The company originally issued 4,030,000 common shares. However, over the...
- Q You are an accountant at Rock Castle Construction. Your boss has asked that you create...
- Q On July 1, the board of directors declared a $45,000 cash dividend that was payable on August 15 of the next month to stockholders of record on July 31. Prepare...
- Q why some defined benefit plans have item prior service cost amortization while another defined benefit plan may not have this line item when calculating pension expense.
- Q On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $158,400. Ship's net assets on the...
- Q What is a gift of real property called? Multiple Choice Bequest Residuary Estate Devise
- Q New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens originally cost $855,000, had an...
- Q 9 Required information [The following information applies to the questions displayed below.] Hudson Company reports the following contribution margin income statement. HUDSON COMPANY Contribution Margin Income Statement...
- Q PLEASE HELP Required information The Foundational 15 (Algo) [LO1-1, LO1-2, LO1-3,...
- Q The Gerald Company makes and sells a single product called a Clop. Each Clop requires the use of 1.5 hours of direct labor time. The planned cost of direct labor...
- Q Based upon a review of literature, compare and contrast the four major measurement bases other than the fair value accounting (FVA).
- Q Adham Company has budgeted to produce 20,000 units in January and 30,000 units in February. Two pounds of material A are required for each unit produced. The company has a...
- Q Journalize the following transaction Dec.31 The accrued product warranty for the year is estimated to be 1.5% of the net sales. Sales for the year totaled $8,000,000 and sale returns...
- Q 3. Prepare the statement of cash flows using the direct method (ignore the note disclosure part) Use the following information about Ferron Company to prepare a complete statement...
- Q On January 1, a company issues bonds dated January 1 with a par value of $430,000. The bonds mature in 5 years. The contract rate is 7%, and...
- Q Charlie deposied $10,000 in a three-year, certificate of deposit that pays 12% interest compounded quarterly. What is the maturity value of the certificate of deposit? Use the time value of...
- Q Mike Bradys spouse died five years ago. Mike is 40 years old, and he has three boys, Greg, Peter, and Bobby. The three boys (his sons) live with Mike...
- Q what does elimination process accomplish?
- Q Assume that you calculated operating leverage factor to be 3. How would you interpret that number?
- Q Pipefish Limited is a company incorporated in Hong Kong. Its main business is the sales of frozen and canned pipefish. To expand its business, Pipefish Limited acquired 90%...
- Q Ex. 7 On March 1,2017, Landon Company acquired real estate on which it planned to construct a small office building. The company paid $90,000...
- Q All Journals and General Ledger; Trial Balance The transactions completed by Revere Courier Company...
- Q Svahn, AB, is a Swedish manufacturer of sailing yachts. The company has assembled the information shown below that pertains to two independent decision-making contexts. Case A : The...
- Q Zoe Corporation has the following information for the month of March
- Q A hardware store can hire a bookkeeper in house or the hardware store can use an accounting service. The accounting service will costs $30,000 a year. If the hardware store...
- Q Determine the May 31 iventery balance using the FIFO inventory costing method. a. 5123 b. 5302 + 5340 d 5272
- Q Assume that no reversing entries are made by the entity. How would the entity record the transaction for payment of wages if $5200 was accrued for wages at the end...
- Q George plans to purchase his first car. He is interested in a car that has the least gas consumption. Therefore, gas consumption cost can be viewed as a(n): Select one:...
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